Agreement between the Government of the Socialist Republic of Vietnam and the Government of the Republic of Bulgaria on the Immovable Properties of the Diplomatic Missions of the Two Countries 2016

AGREEMENT

BETWEEN THE GOVERNMENT OF THE SOCIALIST REPUBLIC OF VIET NAM AND THE GOVERNMENT OF THE REPUBLIC OF BULGARIA ON THE IMMOVABLE PROPERTIES OF THE DIPLOMATIC MISSIONS OF THE TWO COUNTRIES

The Government of the Socialist Republic of Viet Nam (the Government of Viet Nam) and the Government of the Republic of Bulgaria (the Government of Bulgaria) hereafter referred to as “the Parties”;

Referring to the Agreement of 14 December 1982 between the Government of the Socialist Republic of Viet Nam and the Government of the People’s Republic of Bulgaria on the exchange of parcels, purchase and construction of buildings necessary for the Diplomatic Missions of the two countries (hereafter referred to as “the 1982 Agreement”), and to the subsequent Protocols for the implementation of the Agreement of 9 February 1984 and 13 May 1989 (hereafter referred to as “the Subsequent Protocols”), on the basis of reciprocity and taking into account the need to renew the arrangements between the Parties in order to ensure appropriate conditions for the functioning of their Diplomatic Missions in Hanoi and Sofia respectively;

Have agreed as follows:

ARTICLE 1

1. The Government of Viet Nam shall provide the Government of Bulgaria with 02 (two) plots of land on a lease basis with a symbolic rent of 01 VND for a term of 99 years from the effective date of this Agreement for the purpose of the Diplomatic Mission of Bulgaria in Hanoi, namely:

- A plot of land with the area of 2061,32 square meters located at No 5, 294 Lane, Kim Ma, Hanoi and

- A plot of land with the area of 330 square meters in the Diplomatic Compound at 298 Kim Ma Street, Hanoi, located next to the secondary gate of the Compound at No 3, 294 Lane, Kim Ma Street, Hanoi, together with the two-storey building on it with a total built up area of 280 square meters. The ownership of the building constructed on the plot shall be transferred to the Government of Bulgaria.

The exact location and boundaries of the aforementioned plots of land are contained in Annex 1 to this Agreement. Annex 1 shall also contain a full project documentation about the building located at No 3, 294 Lane, Kim Ma Street, Hanoi.

2. The Government of Bulgaria shall acquire the right to use the land and the ownership of the present or future buildings and structures constructed on the plots of land referred to in paragraph 1 of this Article.

ARTICLE 2

1. The Government of Bulgaria shall provide the Government of Viet Nam with 01 (one) plot of land on a lease basis with a symbolic rent of 01 BGN for a term of 99 years from the effective date of this Agreement for the purpose of the Diplomatic Mission of Viet Nam in Sofia, namely:

- A plot of land with the area of 2849 square meters located in Sofia, 1, Zhetvarka St., Iztok Residential Area, No 58.

The exact location and boundaries of the aforementioned plot of land are contained in Annex 2 to this Agreement.

2. The Government of Viet Nam shall acquire the right to use the land and the ownership of the present or future buildings and structures constructed on the plot of land referred to in paragraph 1 of this Article.

ARTICLE 3

The Parties shall assist each other in obtaining the necessary legal documents relating to the right of use of the plots of land and the ownership of the buildings and structures referred to in Articles 1 and 2 of this Agreement in accordance with the laws and regulations of each country.

ARTICLE 4

1. The Government of Viet Nam shall return the plot of land with the area of 2044 square meters and the structures built on it at No. 5 Valko Radinski Street in Sofia to the Government of Bulgaria;

2. The Government of Bulgaria shall return the plot of land with the area of 3243 square meters and the building and structures built on it at No. 300, Kim Ma Street, Ba Dinh in Hanoi to the Government of Viet Nam.

ARTICLE 5

1. The Parties shall pay each other the value of the buildings and structures built on the two plots of land referred to in Article 4 of this Agreement. The amount to be paid shall be based on valuation reports of the buildings and structures conducted by Colliers International in 2012 and 2013 as contained in Annex 3 to this Agreement.

Accordingly, the Government of Viet Nam shall pay the Government of Bulgaria the difference between the amounts of 826,000 U.S. dollars (eight hundred and twenty six thousand U.S. dollars) and 27,800 EUR (twenty seven thousand and eight hundred EUR) according to the selling exchange rate of EUR/USD of the State Bank of Viet Nam operations center at the time of the payment.

2. The payment specified in Paragraph 1 of this Article shall be made by bank transfer in U.S. dollars from the account indicated by the Government of Viet Nam to the account indicated by the Government of Bulgaria within 01 (one) month from the date of entry into force of this Agreement. The accounts’ details are specified in Annex 4 to this Agreement.

ARTICLE 6

Within 10 (ten) days from the date of the payment made by the Government of Viet Nam to the Government of Bulgaria under paragraph 2 of Article 5 of this Agreement, the Parties shall hand over to each other the plots of land referred to in Article 4 of this Agreement. The handover shall be recorded in writing, signed by duly authorized representatives of the Parties.

ARTICLE 7

The arrangements under Articles 1, 2, 3, 4, 5 and 6 of this Agreement shall be final and neither Party shall claim for additional areas of land or payment.

ARTICLE 8

The Parties shall, on the basis of reciprocity, be exempt from state taxes and fees related to the registration of the right of use of the plots of land and the ownership of the buildings and structures as well as license fees associated with construction and repair work.

ARTICLE 9

The buildings and structures constructed on the plots of land described in Articles 1 and 2 may be transferred to third parties - natural or legal persons, only with the consent of the other Party and in accordance with the laws and regulations of the host country.

ARTICLE 10

The Parties shall assist each other in obtaining the necessary documents relating to the future construction and repair of the buildings and structures built on the plots of land specified in Article 1 and Article 2 of this Agreement in accordance with the laws and regulations of each Party.

ARTICLE 11

The 1982 Agreement and the Subsequent Protocols shall be terminated upon the entry into force of this Agreement. Neither Party shall file any legal claims based on the above-mentioned 1982 Agreement and Subsequent Protocols.

ARTICLE 12

1. The Parties shall notify each other in writing, through diplomatic channels, that the procedures necessary for the entry into force of this Agreement have been completed. The Agreement shall enter into force on the date of the receipt of the last notification and be valid for a period of 99 (ninety-nine) years. This Agreement may be extended or terminated prior to the expiration date by written mutual agreement.

2. Amendments or modifications to this Agreement shall be made by written mutual agreement between the Parties. All such amendments or modifications shall constitute an integral part of this Agreement.

3. Any dispute concerning the interpretation or application of this Agreement shall be settled through diplomatic channels.

4. After the expiration of the 99 years period stipulated in Articles 1 and 2, the right of ownership of the buildings and structures constructed on the plots of land referred to in Article 1, Paragraph 1 and Article 2, Paragraph 1 shall be subject to a new Agreement between the Parties. In case the Parties do not reach such an Agreement, the host country shall compensate the other Party on the basis of the market value of the buildings and structures.

Done in New York on 22 September 2016 in duplicate in the Vietnamese, Bulgarian and English languages, all texts being equally authentic. In case of divergence in interpretation, the English text shall prevail.